Insider Selling: John H. Kispert Sells 344,240 Shares of Spansion Stock (CODE)
Spansion (NASDAQ:CODE) CEO John H. Kispert unloaded 344,240 shares of the stock on the open market in a transaction that occurred on Monday, February 24th. The stock was sold at an average price of $16.32, for a total transaction of $5,617,996.80. Following the transaction, the chief executive officer now directly owns 96,763 shares in the company, valued at approximately $1,579,172. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Spansion (NASDAQ:CODE) traded up 0.31% during mid-day trading on Tuesday, hitting $16.34. The stock had a trading volume of 1,031,375 shares. Spansion has a 1-year low of $9.70 and a 1-year high of $16.60. The stock’s 50-day moving average is $15.02 and its 200-day moving average is $12.54. The company’s market cap is $961.8 million.
Spansion (NASDAQ:CODE) last issued its quarterly earnings data on Tuesday, February 4th. The company reported $0.20 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.20. The company had revenue of $313.70 million for the quarter, compared to the consensus estimate of $320.27 million. During the same quarter in the previous year, the company posted $0.34 earnings per share. The company’s revenue for the quarter was up 40.0% on a year-over-year basis. Analysts expect that Spansion will post $1.37 EPS for the current fiscal year.
A number of research firms have recently commented on CODE. Analysts at Zacks downgraded shares of Spansion from an “outperform” rating to a “neutral” rating in a research note on Monday, February 10th. They now have a $16.20 price target on the stock. Separately, analysts at Needham & Company raised their price target on shares of Spansion from $16.00 to $22.00 in a research note on Wednesday, February 5th. They now have a “buy” rating on the stock. Finally, analysts at Jefferies Group raised their price target on shares of Spansion from $15.00 to $16.00 in a research note on Wednesday, February 5th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Spansion presently has an average rating of “Buy” and a consensus target price of $16.90.
Spansion Inc (NASDAQ:CODE) is a designer, manufacturer and developer of Flash memory semiconductors.
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